Bitcoin (BTC) traded above $63,000 during the first half of Thursday’s Asian trading hours, down 1.4% for the day.
However, it remained up 2% for the week as inflows into Bitcoin exchange-traded funds (ETFs) stayed strong.
Meanwhile, Asian stocks surged on reports that China may inject up to 1 trillion yuan ($142 billion) into its largest state banks.
This capital boost is aimed at increasing their capacity to support the struggling economy.
U.S. Investors Flock to Bitcoin ETFs
BTC traded above $63,000, showing a slight dip for the day but still posting a weekly gain.
BTC ETFs, however, saw strong positive net inflows, signaling continued accumulation by investors.
Earlier in the week, the People’s Bank of China (PBOC) made an easing decision.
It reduced the reserve requirement ratio for mainland banks by 50 basis points (bps).
Additionally, the PBOC lowered the seven-day reverse repo rate—the rate at which the central bank borrows funds from commercial banks—by 20 bps to 1.5%.
Meanwhile, data from SoSoValue shows that daily net inflows for BTC ETFs surpassed $100 million for the second consecutive day, marking a five-day streak of positive inflows for the funds.
This shift has turned a key indicator tracking 30-day net holdings among ETFs positive for the first time in September, according to data from CryptoQuant.
This suggests a growing trend of accumulation, signaling that investors are buying rather than selling.
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Meanwhile, Ether (ETH) is holding strong above $2,500, down 1.3% for the day but up 8% for the week.
Data reveals that spot ETH ETFs saw a daily net inflow of $43 million, marking the second consecutive day of positive inflows.
Ethereum Outperforms BTC Amid Rising Gas Fees, While Worldcoin Surges with Global Expansion
In a recent note, Presto Research highlighted that rising Ethereum gas fees, driven by increased network activity, have coincided with ETH outperforming BTC.
This trend followed the Fed’s 50 basis point rate cut.
While on-chain yields remain below the three-month treasury bill, some investors are positioning for a potential rebound in total value locked (TVL), according to Presto.
However, they noted that a broader capital migration may not occur until 2025.
Meanwhile, WorldCoin’s WLD, backed by Sam Altman, surged 14% in the past 24 hours, becoming one of the few gainers in the crypto market.
The company announced on Wednesday that it had expanded its verification services to Poland, Malaysia, and Guatemala over the past week.
This expansion has onboarded more users and strengthened the project’s fundamentals.
The surge followed a leadership shakeup at OpenAI—another company led by Sam Altman—and its transition from a nonprofit to a for-profit benefit corporation.
WLD tokens often react to developments at OpenAI, as crypto traders see the two companies as being closely connected.